Thursday, May 27, 2010

IRS to Issue Guidance for Nonprofits that Missed May 17 Filing Deadline

Many small nonprofits across the country have missed an important deadline that is critical to retaining their tax-exempt status.

Generally, small tax-exempt organizations whose annual gross receipts are normally $25,000 or less are required to electronically submit Form 990-N, also known as the e-Postcard, unless they choose to file a complete Form 990 or Form 990-EZ. The Internal Revenue Services (IRS) is reporting that many of these nonprofits missed the May 17, 2010, filing deadline.

IRS Commissioner Doug Shulman issued a statement on the matter, saying "The IRS will be providing additional guidance in the near future on how it will help these organizations maintain their important tax-exempt status — even if they missed the May 17 deadline."